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Infinia Against Insurance Purchase Doable?

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So I had a word with a wealth manager via RM regarding a so-called tax saver investment plan which includes a complementary life insurance too.

It's called "Tata AIA Life Insurance Smart Value Income Plan"

The guy says on a recorded line that he can guarantee 90% to get an approval for Infinia provided I invest at least 1L per year for the next 3 years annually. He goes on to say, if he fails to get the approval in 30 days, then I'll get the full refund including the GST paid for this investment plan.

He continues to walk me through to explain the plan which gives 24k yearly return credited to the bank account and at least 3 years will allow me to exit but the actual plan shows 6 years for maturity and 20 years in total.

Now that 1L is actually the minimum and just to walk me through the scenario. Even if we keep the minimum in mind and his guarantee. It seems good enough, however, I'm not sure if this is worth going for?

Anyone aware of this? And what you think is the catch here? He says he would need this policy number or any other similar to get the approval from higher authorities by showing the portfolio and trying. I told him to give this to me in writing but he refuses saying these are loopholes and no one from the bank will put this in writing but he says not to trust anyone including him but to only trust the documents and in this case, told me to go through the terms of the investment plan and you'll know better.

Here's the catch, my RM says I won't get the Infinia but told me to just listen to the plan and when I said this to the wealth manager, he says the RM have certain limitations based on which they say but he has better access to certain things and that is why he is confidently saying over a recorded line about getting approvals and so on.

Anyone aware of this and what you think about this? It's a yay or nay? I don't mind locking in 1L a year if go by the minimum.
 
do the math of the insurance policy check the exclusions coverage etc
even though insurance is not an investment
in your case it tends to become one as your main goal here is getting an card
and if he cant guarantee in writing you are on your own
atleast ask him to give this in writing that if approval doesnt come withtin 30 days whole amount will be refunded
most probably he is trying to mis sell you a ulip plan ig
 
So I had a word with a wealth manager via RM regarding a so-called tax saver investment plan which includes a complementary life insurance too.

It's called "Tata AIA Life Insurance Smart Value Income Plan"

The guy says on a recorded line that he can guarantee 90% to get an approval for Infinia provided I invest at least 1L per year for the next 3 years annually. He goes on to say, if he fails to get the approval in 30 days, then I'll get the full refund including the GST paid for this investment plan.

He continues to walk me through to explain the plan which gives 24k yearly return credited to the bank account and at least 3 years will allow me to exit but the actual plan shows 6 years for maturity and 20 years in total.

Now that 1L is actually the minimum and just to walk me through the scenario. Even if we keep the minimum in mind and his guarantee. It seems good enough, however, I'm not sure if this is worth going for?

Anyone aware of this? And what you think is the catch here? He says he would need this policy number or any other similar to get the approval from higher authorities by showing the portfolio and trying. I told him to give this to me in writing but he refuses saying these are loopholes and no one from the bank will put this in writing but he says not to trust anyone including him but to only trust the documents and in this case, told me to go through the terms of the investment plan and you'll know better.

Here's the catch, my RM says I won't get the Infinia but told me to just listen to the plan and when I said this to the wealth manager, he says the RM have certain limitations based on which they say but he has better access to certain things and that is why he is confidently saying over a recorded line about getting approvals and so on.

Anyone aware of this and what you think about this? It's a yay or nay? I don't mind locking in 1L a year if go by the minimum.
Its month end, so in all probability RM is trying to achieve monthly target. And 1 lac investment for 3 years seems too low for a card like Infinia.

Banks these days acts like sales agent, buy policy we will give you anything in return.

Not worth the hassle to invest 1 lac and try for infinia if he is not willing to give in writing. Most probably, card won't be approved.
 
Here's the proposal. He shows me how I'll get returns which is termed as cash bonus and as part of the loophole to save taxes, the bank has named it as cash bonus and so on. Fishy!

He says in 3 years, my 3L will return with 3.72L (24k per year).

Feels shady.

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Its month end, so in all probability RM is trying to achieve monthly target. And 1 lac investment for 3 years seems too low for a card like Infinia.

Banks these days acts like sales agent, buy policy we will give you anything in return.

Not worth the hassle to invest 1 lac and try for infinia if he is not willing to give in writing. Most probably, card won't be approved.

Ya, that's likely. I figured it's quarter ending, so told him to call me first week of Oct...lol
 
So I had a word with a wealth manager via RM regarding a so-called tax saver investment plan which includes a complementary life insurance too.

It's called "Tata AIA Life Insurance Smart Value Income Plan"

The guy says on a recorded line that he can guarantee 90% to get an approval for Infinia provided I invest at least 1L per year for the next 3 years annually. He goes on to say, if he fails to get the approval in 30 days, then I'll get the full refund including the GST paid for this investment plan.

He continues to walk me through to explain the plan which gives 24k yearly return credited to the bank account and at least 3 years will allow me to exit but the actual plan shows 6 years for maturity and 20 years in total.

Now that 1L is actually the minimum and just to walk me through the scenario. Even if we keep the minimum in mind and his guarantee. It seems good enough, however, I'm not sure if this is worth going for?

Anyone aware of this? And what you think is the catch here? He says he would need this policy number or any other similar to get the approval from higher authorities by showing the portfolio and trying. I told him to give this to me in writing but he refuses saying these are loopholes and no one from the bank will put this in writing but he says not to trust anyone including him but to only trust the documents and in this case, told me to go through the terms of the investment plan and you'll know better.

Here's the catch, my RM says I won't get the Infinia but told me to just listen to the plan and when I said this to the wealth manager, he says the RM have certain limitations based on which they say but he has better access to certain things and that is why he is confidently saying over a recorded line about getting approvals and so on.

Anyone aware of this and what you think about this? It's a yay or nay? I don't mind locking in 1L a year if go by the minimum.
Alright, listen, mate! It should be 100%, not just 90%. I say this because I've been through it. The pitch they make to you is different from what I experienced. A 1 lakh investment can't get you Infinia, as I found out when I tried for some insurance plan called HDFC Sanchay Par. My relationship manager said it required 5 lakhs. What he needs from you is the Enrollment Number, and once that's issued, he'll send it to Chennai by post. That's how they still upgrade to Infinia, using an old-school system of sending letters by post.

Your relationship manager may be insistent that he can get you an Infinia card, but my point is whether the investment he's proposing is actually worth it. Imperia banking is required, and if you do decide to go for it, remember that if an existing family member already has an HDFC card, you can potentially add them and aim for 3-4 Infinia cards under the same family program. The enrollment number will work for all cards. This approach can also help increase the credit limit for you, depending on your CIBIL score, if you need a higher limit, say, 15 lakhs or more. Additionally, your family member will benefit from the LE
 
Here's the proposal. He shows me how I'll get returns which is termed as cash bonus and as part of the loophole to save taxes, the bank has named it as cash bonus and so on. Fishy!

He says in 3 years, my 3L will return with 3.72L (24k per year).

Feels shady.

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These are investment plans available in every bank with different names fixed returns and so on.
If you calculate carefully, the ROI will be 6-7%. I had done the math for almost all the investment plans.
 
Alright, listen, mate! It should be 100%, not just 90%. I say this because I've been through it.

But did you end up getting the upgrade or no?

Also, this pitch was from someone holding wealth manager position not my RM. He says he has the ability better than my RM's position.

On a side note, DCB FYF is being offered directly without investment and stuff. Still thinking what to do.
 
But did you end up getting the upgrade or no?

Also, this pitch was from someone holding wealth manager position not my RM. He says he has the ability better than my RM's position.

On a side note, DCB FYF is being offered directly without investment and stuff. Still thinking what to do.
Nope I didn’t took up the upgrade through investment.
 
But did you end up getting the upgrade or no?

Also, this pitch was from someone holding wealth manager position not my RM. He says he has the ability better than my RM's position.

On a side note, DCB FYF is being offered directly without investment and stuff. Still thinking what to do.
I would do it in a blink. Just for the sake of holding someone responsible if not received the promised thing. and then escalate it everywhere.
 
He shouldn't have said a loophole! Something is wrong here for sure!
Well that got me surprised he explicitly used the term "loophole" over a recorded line and even went on to tell me I can email customer support and request for the call recording...lmao (That's BS as I don't think they would actually give it).

Now I could take a bet but then I'm concerned this would be a loss and locked in for 6 years and if I ask to close, they'll most likely quote terms and impose penalties and what not and won't even return my original premium fully let alone any gains.

I'll probably ask him to send me an email about things like closure in 30 days if he can't get approval with 100% refund and 3 years surrender option with at least my money I invest.
 
Anyone aware of this and what you think about this? It's a yay or nay? I don't mind locking in 1L a year if go by the minimum.
Yes, Hdfc will give approval for credit card against portfolio of insurance plans.

But not sure about infinia approval, might your approval will be proof for us. 😅
 
Well that got me surprised he explicitly used the term "loophole" over a recorded line and even went on to tell me I can email customer support and request for the call recording...lmao (That's BS as I don't think they would actually give it).

Now I could take a bet but then I'm concerned this would be a loss and locked in for 6 years and if I ask to close, they'll most likely quote terms and impose penalties and what not and won't even return my original premium fully let alone any gains.

I'll probably ask him to send me an email about things like closure in 30 days if he can't get approval with 100% refund and 3 years surrender option with at least my money I invest.
If you look at the surrender benefit you are not getting much even if you surrender after 3 years.. you can see in 18,19 column that after 3 years it's max1.63 lakh.. And 75-86 after two years.. That is by paying 2 lakh you get 75-86k back and infinia most probably LTF... Ask him to explain what is their in 10, 13, 18, 19 column as it show two different non guaranteed value and it is higher for 4% and less for 8%...

Usually it's an ulip plan and all ulip plans will give you 4-5% xirr return
 
Ya, that's likely. I figured it's quarter ending, so told him to call me first week of Oct...lol
1. What's the XIRR on this? This seems to be market-linked, so 20 year lock-in does make sense. But I don't think you will be getting more than 5-6% XIRR.
2. What's the mortality charge and commission that gets subtracted every year on this? If you are an older gentleman, you will lose out a lot in the name of charges. Trust me it is not worth it.
Never buy into investment+life insurance products as you will barely make any return(even if you consider the tax deduction). Always keep your life insurance and investment separate.
 
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